Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2022

The following table presents the calculation of net income (loss) per common share on a basic and diluted basis:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in millions, except number of shares and per share amounts)	2022		2021		2022		2021
Net income (loss)	$	(16.2)	$	69.8	$	(17.2)	$	99.6
Less: Preferred share dividends	2.7		2.7		5.3		5.3
Net income (loss) attributable to common shareholders	(18.9)		67.1		(22.5)		94.3
Weighted average common shares outstanding - basic	34,964,773		34,820,649		34,928,555		34,766,948
Effect of dilutive securities:
Equity compensation awards	—		192,131		—		216,856
Weighted average common shares outstanding - diluted	34,964,773		35,012,780		34,928,555		34,983,804
Net income (loss) per common share:
Basic	$	(0.54)	$	1.93	$	(0.64)	$	2.72
Diluted	$	(0.54)	$	1.92	$	(0.64)	$	2.70

Excluded from the weighted average common shares outstanding calculation at June 30, 2022 and 2021 are 11,315,889 shares, which are held as treasury shares. The shares are excluded as of their repurchase date. Excluded from the computation of diluted net loss per common shares were 107,431 and 140,487 potentially dilutive shares for the three and six months ended June 30, 2022, respectively. The potentially dilutive shares were excluded due to the net loss incurred for the periods presented. For the three and six months ended June 30, 2021, 36,219 and 48,272, respectively, weighted average shares were excluded from the computation of diluted net income per common shares as they were antidilutive.